Rent Crisis Forces Millions To Live On Half A Paycheck

Nearly 11 million people in the United States spend at least 50 percent of their total income on housing, says a report by Harvard University.

Rents are not just eating up a substantial chunk of people’s paycheck, they are actually consuming over half of it in one overwhelming go.

A recent study from the Joint Center for Housing Studies of Harvard University shows a record high of 11 million Americans dedicated at least 50 percent of their income to housing in 2014, whereas about 21.3 million spent 30 percent or more, which is another record in itself.

“When you have to dedicate such a high proportion of your income to rent every month, it forces you to make difficult decisions,” said Dan McCue, a senior research associate at the Joint Center.

After spending this much on rent, there is barely enough to cover essentials like clothing and food for most lower-income and middle class families. Proper healthcare and emergency funds have actually become a dream at this point for many renters. In fact, an unexpected trip to the emergency room or a car breakdown can actually land some out on the street.